Perpetual inventory using weighted average
Beginning inventory, purchases, and sales for WCS are as follows:
Date Line Item Description Value
Oct. Inventory units at $
Oct. Sale units
Oct. Purchase units at $
Oct. Sale units
a Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October purchase. Round your answer to two decimal places.
fill in the blank of $
per unit
b Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October Round your "average unit cost" to two decimal places.
fill in the blank of $
c Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October Round your "average unit cost" to two decimal places.
fill in the blank of $
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When the average cost method is used in a perpetual inventory system, an average unit cost for each item is computed each time a purchase is made. This unit cost is used to determine the cost of each sale until another purchase is made and a new average is computed.
